Share-Based Payments

9 Months Ended

Sep. 30, 2015

Note 16 — Share-Based Payments

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”) provides for the awarding of stock options and restricted stock to employees, officers and non-employee directors. Under the Plan, the Company grants directors, certain executives and other key employees restricted common stock, with vesting contingent upon completion of specified service periods ranging from one to five years. The Company also grants certain executives performance-based awards, with vesting contingent upon the Company’s achievement of specified financial goals. The Plan is more fully described in Notes 15 and 18 to the Consolidated Financial Statements in the Company’s 2014 Annual Report on Form 10-K.

The following table summarizes the total share-based compensation expense and related tax benefits recognized for the three and nine months ended September 30, 2014 and 2015 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2015		2014		2015
Restricted stock compensation expense	$	359	$	508	$	997	$	1,452
Tax benefit related to restricted stock compensation	$	—	$	—	$	—	$	—

Stock option activity pursuant to the Plan for the nine months ended September 30, 2015 is summarized as follows:

	Plan Stock Options
	Number of Shares		Weighted Average Exercise Price
Outstanding and Exercisable, December 31, 2014		75,000	$	20.69
Granted		—		—
Exercised		—		—
Cancelled		(75,000)		20.69
Outstanding and Exercisable, September 30, 2015		—	$	—

Restricted stock award activity pursuant to the Plan for the nine months ended September 30, 2015 is summarized as follows:

	Restricted Stock Awards
				Weighted
				Average
	Number of			Grant
	Shares			Price

Outstanding, December 31, 2014		568,057		$	6.54
Awarded		734,822			5.41
Released		(80,794	)		7.10
Forfeited		(42,930	)		6.32
Outstanding, September 30, 2015		1,179,155		$	5.80